March 18, 2020 / 10:56 AM / 17 days ago

No compensation for Banco Popular's creditors, EU regulator says

BRUSSELS, March 18 (Reuters) - Shareholders and creditors of Spain’s defunct Banco Popular have no rights to compensation, the European Union regulator in charge of the matter said on Wednesday.

“The Single Resolution Board (SRB) has decided that no compensation is due to shareholders and creditors affected by the resolution of Banco Popular Espanol,” the regulator said in a statement.

It said that the decision was justified by the fact that creditors of the ailing bank, which was shut down by the SRB in 2017 with a resolution procedure, would not have been better off under normal insolvency proceedings. (Reporting by Francesco Guarascio @fraguarascio, editing by Louise Heavens)

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